More spodumene bearing pegmatites intercepted
Investment Memo: LRS 2022
Objective #1: JORC resource at its Brazilian lithium projects
Yesterday, our exploration Investment Latin Resources (ASX: LRS) announced that the first drillhole as part of the expanded 25,000m resource definition drilling program had delivered a total of ~27.78m in pegmatite interceptions.
This drillhole comes after LRS had completed ~12 different drill holes and confirmed that it had made a new lithium discovery which so far sits over a ~800m x ~200m strike zone.
Yesterday’s drillhole was drilled in between two previous discovery holes and has now confirmed that in fact the area in between is filled with more spodumene bearing pegmatites.
Yesterday’s announcement did not include any assay results, but considering the two holes to the north/south of this one contained economic lithium mineralisation we suspect that this drillhole is just a continuation of these structures.
LRS in yesterday’s announcement also confirmed that it expects to bring in another drill rig in early June to speed up the 25,000m drilling program (increasing the total number of rigs on site to three) and then bring in a larger fourth rig in July to complete the drilling that is planned to target mineralisation at depths >300m.
We expect to see LRS continue to punch out holes in and around this part of its discovery as it builds up a database of intercepts which can then feed into a maiden JORC resource over its new discovery.